PUNE, India - The global economizer market was valued at $7.70 billion in 2016 and is projected to reach $11.54 billion by 2022, growing at a compound annual growth rate (CAGR) of 6.7 percent from 2017 to 2022, according to the report, "Economizer Market by Type (Fluid Economizers and Air-side Economizers), Application (Power Plants, Boilers, HVAC, Refrigeration, and Data Centers), End-use Industry (Industrial and Commercial), Region - Global Forecast to 2022", published by MarketsandMarkets(TM).

Growing demand for clean and cheap energy sources, cost-effective cooling, and power efficient boilers is fueling the growth of the economizer market across the globe.

The industrial segment is projected to lead the economizer market during the forecast period and is estimated to account for the largest share 2017. The growth of the industrial segment of the economizer market can be attributed to the increased use of economizers as heat exchangers to preheat fluid, which results in energy conservation. Economizers use combustion products such as flue gases to recover residual heat from different machines and equipment.